Tutas Towne Realty, Inc and Garden Views Realty, LLC

Hi folks. This post is a follow up to my recent post My Buyer only wants one house. Why make 14 offers? If you haven’t read that one….I’ll give you a brief synopsis. It’s about making offers on multiple properties even though my Buyers intent is to only purchase one of them.

I’m writing this post for clarity. I want to clarify what I’m doing and I need clarity on a few of the comments that were left.

First, a few people mentioned that they MUST have an escrow deposit in hand prior to submitting a purchase offer. If this is a law……….show it to me. I don’t believe it.

Secondly, I had two agents from Georgia comment about what their purchase contracts state about disclosure.

One said:

"In GA we actually have something in our contracts specifically for this. A checkbox in which the buyer must disclose whether this is their only offer or if they have others in the hopper simultaneously."

The other wrote this:

"Actually, here in GA the Purchase Offer has a box to check for the buyer to either have or not have the right to enter into a contract on another property."

One’s talking about offers the other is talking about contracts. Which is it? I would be SHOCKED if there were a State law in any State that stated a Buyer had to disclose if they were making offers on more than one property. If there is……show it to me. I don’t believe it.

OK….I’m not trying to be a dick....I just want clarity. These things are important. Sometimes things we think are illegal or unethical are not. If I’m wrong..... I want to be corrected. It’s how I learn.

Now let me clarify a couple of things.

I only use this tactic on REO properties.

I only use this tactic when working with experienced Investors with cash.

My Buyers do not back out of contracts. They do however withdraw offers.

There is no chance in heck of a Bank signing off on an offer without coming back with a stack of addendums.

Offers are presented with escrow deposit being deposited within 24 hours of acceptance.

My Buyers are making very strong, over list price, cash offers with the intent of purchasing the property.

If the offer is accepted in a timely fashion my Buyers will go under contract.

I think that’s it. Maybe when Wendy and I get finished with “Short Sale Basics” we’ll jump over to “Dealing With Buyers in a REO Market”. What do you think?